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A fair chance to build a good middle-class life — to do as well as your parents, or better — that’s the promise of Canada. For too many, especially for Millennial and Gen Z Canadians, that promise is at risk. 

Our government has a plan to fix that. We have a plan to build a Canada that works better for you, where you can get ahead, where your hard work pays off, where you can buy a home — where you have a fair chance at a good middle-class life.

We’re doing this by building more affordable homes, making life cost less for Canadians of all ages, and we’re growing the economy in a way that’s shared by all. When our government first came to office, we vowed to strengthen and expand the middle class. We’ve delivered on that pledge by reducing poverty, especially for children and seniors, and creating millions of good jobs for Canadians. But our work isn’t over.

More Affordable Homes

In the next step of our economic plan, we’ve laid out a bold strategy to unlock 3.87 million new homes by 2031 – including a minimum of 2 million net new homes, on top of 1.87 million homes already expected to be built by 2031.

To build more homes, we’re:

  • building homes on public and federal lands, National Defence lands, and Canada Post Properties.
  • taxing vacant lands to incentivize construction.
  • topping up the Apartment Construction Loan Program with $15 billion to build 30,000 more new homes.
  • launching Canada Builds to lead a Team Canada effort to build the homes needed to solve the housing crisis.
  • topping up the Housing Accelerator Fund with $400 million to build an additional 12,000 homes.
  • launching a new $6 billion Canada Housing Infrastructure Fund.
  • leveraging transit funding to build more homes, so that more homes get built faster and closer to the services they count on.
  • launching a Housing Design Catalogue, which will speed up the construction of new homes.
  • investing in Indigenous housing and community infrastructure

We’re making it easier to own or rent a home by:

  • making sure on-time rent payments get taken into account for your credit score;
  • launching a Tenant Protection Fund and creating a Canadian Renters’ Bill of Rights.
  • increasing amortization periods to 30 years for first-time buyers purchasing new builds.
  • enhancing the Canadian Mortgage Charter.
  • increasing the Home Buyers’ Plan from $35,000 to $60,000.

And we’re helping Canadians who can’t afford a home by:

  • enhancing the Affordable Housing Fund with an additional $1 billion top-up.
  • launching a new Canada Greener Homes Affordability Program to lower energy bills for renters and homeowners.
  • introducing new flexibilities to the Federal Community Housing Initiative to keep non-profit and co-op homes affordable.
  • providing $1.3 billion in additional funding to provide better care and more shelter to people experiencing homelessness.
  • creating a new Canada Rental Protection Fund to support affordable housing providers.

A Stronger Social Safety Net

From universal public health care to Employment Insurance to strong, stable, funded pensions, like the Canada Pension Plan (CPP), there has always been an agreement that as Canadians, we will take care of our neighbours when they need it.

In Budget 2024, we’re sticking to this agreement by:

  • delivering $200 billion over ten years to strengthen universal public health care.
  • launching the new National Pharmacare Plan to provide universal access to contraception and diabetes medications in the first phase.
  • launching a new Canada Disability Benefit with $6.1 billion over six years to support over 600,000 working-age persons with disabilities.
  • launching a $1 billion Child Care Expansion Loan Program to build and renovate more child care centres.
  • launching a new National School Food Program to expand access to school food programs to more than 400,000 kids.
  • enhancing the Canada Pension Plan and ensuring the stability and security of Canadians’ pension benefits for generations to come.

Economic Growth and Productivity

To ensure every Canadian succeeds in the 21st century, Canada’s economy must grow to be more productive and innovative, in a way that is shared by all. To do this, we’re investing in the technologies, incentives, and supports critical for increasing productivity, boosting innovation, and attracting more private investment to Canada.

This includes investments like:

  • strengthening Canada’s AI advantage with a $2.4 billion investment to support AI adoption across our economy.
  • investing $3.5 billion to enhance research support and federal research grants.
  • delivering, by the end of this year, major economic investment tax credits to attract private investment, create more jobs, and drive Canada’s economy towards net zero by 2050.
  • maintaining declining debt- and deficit-to-GDP ratios to keep federal debt servicing charges as low as possible in a period of elevated interest rates.
  • increasing Foreign Credential Recognition for health care professionals and construction workers to unlock the full potential of everyone in Canada.
  • renewing support for the Aboriginal Entrepreneurship Program.
  • adopting a fiscal strategy that complements monetary policy rather than contradicts it.
  • delivering on our commitment to refocus $15.8 billion over five years and $4.8 billion ongoing in government spending to the programs and services that matter most to Canadians.

Growing Small Businesses

Small- and medium-sized businesses are an integral engine of Canada’s economy, and they employ about 64 per cent of Canadian workers. Everywhere in Canada, there are people with good ideas, ready to grow their businesses and create good jobs.

We’re ensuring their success by:

  • creating a new Canada Carbon Rebate for Small Businesses to urgently return proceeds from the price on pollution from 2019-20 through 2023-24 to an estimated 600,000 businesses in provinces where the federal backstop applies.
  • empowering young entrepreneurs by investing $60 million over five years in Futurpreneur Canada, which is a national not-for-profit organization that provides young entrepreneurs with resources and support.
  • launching a new Canadian Entrepreneurs’ Incentive to reduce the inclusion rate to 33.3 per cent on a lifetime maximum of $2 million in eligible capital gains. 
  • investing in Canadian start-ups with $200 million to increase access to venture capital for equity-deserving entrepreneurs, and to invest in underserved communities and outside key metropolitan hubs.
  • boosting Government procurement from small- and medium-sized businesses.
  • providing $350 million to Indigenous Financial Institutions to support Indigenous-owned businesses.

Fairness for Younger Generations

For too many young people, the promise of a good, middle-class life seems out of reach. In Budget 2024, we’re helping restore fairness for younger generations by:

  • building more student housing by relaxing eligibility conditions for the removal of GST on new student residences.
  • extending increased student grants and interest-free loans at an estimated total cost of $1.1 billion this year.
  • helping students with the cost of housing by updating the formula that is used by the Canada Student Financial Assistance Program.
  • creating more jobs for Gen Z by providing $207.6 million for the Student Work Placement Program.
  • launching a new Youth Mental Health Fund to ensure that younger generations have the access they need to mental health supports.
  • supporting after-school learning with a proposed investment of $67.5 million to help all Canadian students reach their full potential.

Safer, Healthier Communities

In Budget 2024, we’re taking action to protect our environment and strengthen our communities, making them safer and healthier places to live, work, and raise a family. This includes investments like:

  • cracking down on auto theft with a robust plan to make it harder to steal vehicles and export stolen vehicles.
  • doubling the Volunteer Firefighters and Search and Rescue Tax Credits from $3,000 to $6,000.
  • keeping our streets safe by taking assault weapons off our streets.
  • supporting Canadians in their access to justice with $440 million towards access to legal aid in the criminal justice system.
  • investing in Canada’s National Parks to increase access to nature, support our tourism industry, and preserve and protect Canada’s natural and historical legacy.
  • supporting Canada’s national athletes as they train to compete for Canada at the Olympic and Paralympic Games.
  • keeping our children safe by protecting them from online harm and supporting Kids Help Phone.

A Fair Future for Indigenous Peoples

A fair Canada is one where the government continues making meaningful progress in the journey of reconciliation by working in partnership with Indigenous Peoples. Budget 2024 invests in the next steps of the path of reconciliation, including:

  • unlocking pathways to post-secondary education by investing nearly $243 million for the next generation of First Nations university, college, and post-secondary students.
  • providing $927 in funding for On-Reserve Income Assistance to help on-reserve residents and eligible First Nations people in Yukon cover daily living costs.
  • strengthening access to culturally important foods with investments of over $40 million.
  • enhancing the Northern Food Security program to ensure nutritious foods are more accessible and affordable in Northern communities.
  • supporting Indigenous mental health with an investment of over $630 million for improving Indigenous people’s access to mental health services.
  • boosting Indigenous economic opportunity with $338 million to support Indigenous entrepreneurship, Indigenous tourism, unlock new clean energy opportunities, and the Strategic Partnerships Initiative.
  • addressing anti-Indigenous racism in health care with $168 million by fulfilling Joyce’s Principle, helping to ensure Indigenous Peoples are treated with the respect and safety they deserve.

Protecting Canadians and Defending Democracy

Canadians deserve a CAF that can defend against emerging threats. That’s why we’ve released Our North, Strong and Free: A Renewed Vision for Canada’s Defence. This policy will enhance our capabilities to provide Canadians across the country with greater security and better support CAF members and their families.

That’s why Canada will invest $8.1 billion over the next five years and $73 billion over the next 20 years to support six major themes for our national defence, which include investments like:

  • $295 million over 20 years to establish a CAF housing strategy, build new housing, and rehabilitate existing housing so CAF members have safe and affordable places to call home where they and their families are posted.
  • $107 million over 20 years for Canada’s participation in the newly established NATO Innovation Fund, which will offer additional funding streams for innovative Canadian entrepreneurs.
  • $307 million over 20 years for airborne early warning aircrafts that will vastly improve Canada’s ability to detect, track and prioritize airborne threats sooner, respond faster, and better coordinate our response with the United States when required.
  • $9.9 billion over 20 years to improve the sustainment of our naval fleets, like extending the life of the Halifax-class frigates and preserving the Royal Canadian Navy’s interim at-sea replenishment capability.

Tax Fairness for Every Generation

Canada is one of the wealthiest countries in the world. Fore generations, this has meant Canada is a place where everyone could secure a better future for themselves and their children. In order to build a fair economy, everyone needs to pay their fair share.

Canadians pay tax on the income from their job. But currently, they only pay taxes on 50 per cent of their capital gains, which is the profit generally made when an asset, such as stocks, is sold. This is the capital gains tax advantage—and it is more pronounced in Canada than in any other G7 country.

While all Canadians can benefit from this capital gains tax advantage if they have a capital gain, the wealthy, who tend to earn relatively more income from capital gains, disproportionately benefit compared to the middle class. This is not right.

In Budget 2024, we’re proposing that the inclusion rate—the portion of capital gains on which tax is paid—for capital gains for individuals with more than $250,000 in capital gains in a year will increase from one-half to two-thirds. Individuals will continue to only pay tax on 50 per cent of any capital gains up to $250,000 per year. This will only affect the wealthiest 0.13 per cent of Canadians.

The inclusion rate will also increase to two-thirds for all capital gains realized by corporations and trusts.

The new rules will apply to capital gains realized on or after June 25, 2024. Selling your principal residence will continue to be exempt from capital gains taxation.

Budget 2024 is our government’s renewed vision for unlocking the door to the middle class for millions of younger Canadians. We’re building more housing and making life cost less. We’re driving our economy toward growth that uplifts everyone. Because that is what your parents and grandparents want for you, too. You can read the full Budget here.

Tony Van Bynen

MP Van Bynen and MP Leah Taylor Roy with the Central York Fire Services
MP Van Bynen with the Canada Summer Jobs (CSJ) students at Lullaboo Nursery & Childcare Center
MP Van Bynen and MP Jaczek announcing $26.4 million in funding to build 141 homes in York Region
MP Van Bynen at the Newmarket Veterans Association's 126th Annual Decoration Day Service
Prime Minister Justin Trudeau, MP Van Bynen, and MP Francesco Sorbara announcing a Housing Accelerator Fund project in Vaughan, Ontario
Tony Van Bynen at the Aurora Street Festival, 2022.

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As a Member of Parliament, I am here to assist you in many ways. For general inquiries to contact our offices, please see below:

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